Appraisal Reviews

According to an announcement by the Federal Reserve, "financial institutions are obligated to have effective, unbiased real estate appraisal and evaluation plans," and that appraisers doing reviews must "have the proficiency and expertise to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." Here at Gill Group, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.

According to the Federal Reserve, appraisal reviews "must determine whether the appraisal or evaluation is relevant for the transaction, the uncertainty of the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality." Moreover, they "should show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also says that "some banks add typical reviews with post-funding assessments of appraisal quality for any of their higher-risk or larger-value dealings as a way to assist in exposing valuation issues."

In addition to conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Gill Group, we are experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.